After serving as IMF's Chief Economist for more than three years, 66-year-old Obstfeld is set to retire this month-end.

"The bottom of the recession, the floor, will be hit the first quarter of 2019, and in the second quarter we are going to see a recuperation," IMF mission chief for Argentina Roberto Cardarelli told reporters at a press briefing in Buenos Aires.

Sources privy to the development said the government had sent at least three letters on different issues under Section 7 of the RBI Act that gives it powers to issue any direction to the central bank governor on matters of public interest.

IMF's Managing Director Christine Lagarde has made it clear that the IMF would require absolute transparency on Pakistan's debts, including those owned by China under the USD 50 billion CPEC.

Analysts say Pakistan is seeking $8 billion in loans in order to address a rapidly growing balance of payments crisis. Pakistan is also seeking fresh loans from China, which has already heavily invested in transport and energy, as well as Saudi Arabia.

Leaders of Southeast Asian nations were also gathering in Bali for finance-related meetings, as finance ministers of the Group of 20 industrial nations and officials from the Group of 24 developing economies.